The Department of Finance (DOF) endorsed to the Office of the President a proposed USD20-million (approximately PHP1.2 billion) grant from the United Arab Emirates (UAE) government, seeking authority to negotiate an agreement for the Pasig River Restoration project.
In a statement Thursday, the DOF said the proposed assistance will support the Pasig River Restoration Project (PRRP), which targets a 25 percent reduction in plastic and organic waste entering the Pasig River system over five years.
The project would cover waste recovery and interception; household waste segregation and collection; capacity-building and support for informal waste collectors; improved waste processing and recovery; and stronger enforcement against illegal dumping.
Grants are forms of development assistance that do not require repayment.
The DOF is seeking the necessary authority to negotiate the proposed agreement, including its terms and conditions.
According to the DOF, the initiative reflects the Marcos administration’s commitment to strengthening international partnerships and mobilizing grant financing for sustainable development projects that deliver lasting benefits to Filipinos.
Once authorized, the DOF will facilitate negotiations with the UAE Government in coordination with concerned government agencies.
“We thank the Government of the United Arab Emirates for extending its hand in partnership with us to rehabilitate one of our country’s vital waterways. The proposed assistance would strengthen waste management efforts and help improve the quality of life of our people,” Finance Secretary Frederick Go said. (PNA)
